SDC - Align hits nine-month high propelling rivals after Q4 beat

The shares of clear aligner maker Align Technology ( ALGN ) reached the highest level since April 2022 on Thursday, sparking interest in its rivals after the company reported better-than-expected Q4 2022 results.

Align’s ( ALGN ) rivals, such as SmileDirectClub ( NASDAQ: SDC ), Envista Holdings ( NYSE: NVST ), and DENTSPLY SIRONA ( NASDAQ: XRAY ), are also trading higher in the morning hours after recording declines for the past 12 months, as indicated in this graph.

With ~1% sequential improvement, the Tempe, Arizona-based Align ( ALGN ) added $901M in revenue for the quarter as the company’s Clear Aligner net revenues as well as Imaging systems & CAD/CAM net revenue topped Street forecasts.

After the results, firms including Stifel, Baird, and Piper Sandler raised their price targets on Align ( ALGN ), while Goldman Sachs upgraded the stock arguing that results indicated sequential case growth for the first time in six quarters.

Read: This week, Seeking Alpha contributor Busted IPO Forum started coverage on SmileDirectClub ( SDC ) with a Sell rating.

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